S&P 500 – Updated Level Watch for Support

May 7, 2012 8:30 am

Last week we looked at the key levels of support for the S&P 500. On Friday it held just about the the penny and that would have set up some sort of potential for the bulls to come in – if not for the European debacle again.

The S&P 500 has some important tests over the next few weeks. There are defined areas of high volume support that are now in play. Interestingly they are all within about 10 points of each other.

Along with that, here is another look at the Spearman Indicator. As of Friday it is sloping down from a lower higher, but still not below zero. That will probably change at the close today.


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